MERRILL LYNCH RESUMES DISTRIBUTION OF DELAYED/AFTERMARKET RESEARCH; SIGNS EXCLUSIVE AGREEMENT WITH THOMSON

NEW YORK, NY, June 7, 2004 – Merrill Lynch (NYSE: MER) and Thomson Financial, an operating unit of The Thomson Corporation (NYSE: TOC; TSX: TOC), today announced they have entered into an agreement whereby, with certain limited exceptions, Merrill Lynch’s delayed market research will be delivered exclusively via Thomson Financial.

“Having access to The Thomson Corporation non-financial client base which includes business schools, legal firms, colleges, and scientific and healthcare communities, as well as its recognized leadership in the financial markets, was a key consideration for this agreement,” said FVP Aron Miodownik, chief operating officer, Merrill Lynch Global Securities Research & Economics.

Merrill Lynch research sold through the delayed distribution channel will include a disclaimer stating that it is intended only as a research tool and not as an investment tool. In the offering, Merrill Lynch will impose certain control terms on the distribution of this research to the marketplace, including but not limited to, an established embargo period of at least 14 days, pre-entitlement duration, redistribution and disclosures rules. The agreement with Thomson does not impact any other Merrill Lynch real time research distribution agreements.

"Thomson Financial’s ability to serve Merrill Lynch the exclusive delivery mechanism for delayed research speaks to our ongoing commitment to offer the marketplace the very best in research content and tools," said Debra Walton, global managing director, Thomson Financial’s Investment Banking and Research group. "We are delighted to strengthen our partnership with Merrill in this arena."

Thomson Financial’s embargoed broker research collection is one of the world’s most comprehensive collections of aftermarket original-format research reports written by expert analysts at nearly 900 of the world’s top investment banks, brokerage houses, and research firms. On average, 2,000 new reports are added to the collection each day from brokers and research firms around the globe.

With a history of robust industry research data collection that dates back to 1982, Thomson Financial provides clients with access to more than 5 million delayed research reports, with coverage on over 47,000 companies and 54 industries.

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